Cloud Computing Adoption in the Banking Sector: A Comparative Analysis of Three Major CSPs
Muhammad Ehsan Rana, Tzung Maw Yik, Vazeerudeen Abdul Hameed
Abstract
Cloud computing has emerged as a transformative technology with significant implications for various industries. While numerous sectors have already embraced cloud computing to revolutionize their business operations, the banking sector has exhibited hesitancy in adopting this technology, primarily due to concerns related to regulatory compliance, security, and reliability. This research aims to address these reservations by conducting a comprehensive examination of the potential benefits that cloud computing can offer to the banking sector. By employing a comparative analysis approach, this study seeks to explore and assess the diverse functionalities and services provided by three leading cloud service providers: AWS, Microsoft Azure, and Google Cloud. Through this analysis, the research endeavours to identify specific use cases within the banking sector where cloud computing can deliver tangible advantages. By understanding the capabilities and offerings of these platforms, banks can gain valuable insights to inform their decision-making processes regarding cloud adoption. Furthermore, this research also seeks to shed light on the potential challenges associated with the implementation of cloud computing in the banking sector. These challenges encompass critical aspects such as security concerns, vendor longevity and reliability, and management issues.